Vote out supporters of low-credit loans

We're all familiar with the old saying; "Fool me once, shame on you. Fool me twice, shame on me."

Well, President Obama is trying to fool us a second time with his current urging banks to make mortgages to low credit borrowers (as reported in the Washington Post).

The first time, we were fooled under high pressure application of the Community Reinvestment Act (1977 during Carter's term). Like all "feel-good" legislation, this approach sounded good on the surface, but ended with many borrowers in over their heads. With a growing inventory of unsupported mortgages, banks couldn't afford to loan for new construction, and the housing bubble burst leaving us in the financial hole that we are all still experiencing.

You remember the signs — "No verification of employment required."

If I were to loan money to someone who would likely not be able to pay it back, I would rationally call that a "gift," not a "loan." And, I am free to do that with my money. But, for the government to require banks to make such loans with their own money, under threat of regulatory harassment, should be called extortion.

Better that the government get out of all those things politicians enjoy, but which are not in the constitutional scope of the federal government.